Interconnectivities and regulatory impact [58]

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Bullet points include: Updates MiFID I, i.e. framework EU directive covering investment intermediaries and organised trading of financial instruments Extends MiFID to additional products and services, harmonises requirements applying to different types of trading venue, more precise definition of exempt (mainly own account) activities, corporate governance and investor protection Upgrades market structure to reflect recent market developments, e.g. algorithmic and high frequency trading, introduction of OTFs (akin to SEFs under Dodd-Frank) and common pre-trade and post-trade transparency provisions Probably most contentious aspect is prohibition on inducements, although a number of member states already have requirements that arguably go beyond MiFID II

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